Point72 DIFC Ltd Purchases New Position in Grindr Inc. (NYSE:GRND)

Point72 DIFC Ltd acquired a new position in Grindr Inc. (NYSE:GRND) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 11,071 shares of the company’s stock, valued at approximately $136,000.

A number of other hedge funds have also bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Grindr by 16.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,796 shares of the company’s stock worth $120,000 after acquiring an additional 1,667 shares during the period. Hsbc Holdings PLC boosted its stake in Grindr by 9.5% in the 2nd quarter. Hsbc Holdings PLC now owns 23,632 shares of the company’s stock worth $286,000 after purchasing an additional 2,050 shares during the period. Quest Partners LLC grew its holdings in Grindr by 9,055.0% during the 2nd quarter. Quest Partners LLC now owns 12,817 shares of the company’s stock valued at $157,000 after buying an additional 12,677 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Grindr during the 2nd quarter valued at about $189,000. Finally, Susquehanna Fundamental Investments LLC increased its position in shares of Grindr by 78.2% during the second quarter. Susquehanna Fundamental Investments LLC now owns 36,750 shares of the company’s stock valued at $450,000 after buying an additional 16,125 shares during the period. 7.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GRND. Raymond James raised their price objective on shares of Grindr from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, June 27th. JMP Securities reiterated a “market outperform” rating and issued a $17.00 price objective on shares of Grindr in a research report on Monday, July 15th. Finally, TD Cowen raised their price target on Grindr from $12.00 to $14.00 and gave the company a “buy” rating in a report on Thursday, June 27th.

Insider Activity

In related news, CAO Kye Chen sold 16,187 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $11.68, for a total value of $189,064.16. Following the completion of the sale, the chief accounting officer now owns 138,604 shares in the company, valued at approximately $1,618,894.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 76.40% of the company’s stock.

Grindr Price Performance

Shares of NYSE:GRND opened at $11.78 on Wednesday. The company’s fifty day moving average price is $11.81 and its 200-day moving average price is $10.87. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -65.44 and a beta of 0.35. Grindr Inc. has a one year low of $5.69 and a one year high of $12.83.

Grindr (NYSE:GRND) last released its earnings results on Thursday, August 8th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.02. Grindr had a negative return on equity of 234.28% and a negative net margin of 25.67%. The business had revenue of $82.35 million for the quarter, compared to analysts’ expectations of $77.40 million. As a group, equities research analysts expect that Grindr Inc. will post 0.25 EPS for the current year.

Grindr Company Profile

Grindr Inc operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version.